NPORT-EX 2 PIPDLA0PGIMShDurHYOppsFd.htm
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 130.1%
Bank Loans 14.3%
Airlines 0.7%
United Airlines, Inc.,
Term Loan 		— %(p) 04/21/28   3,560  $3,600,687
Chemicals 1.0%
Solenis International LP,
First Lien Initial Dollar Term Loan, 3 Month LIBOR + 4.000% 		4.190(c) 06/26/25   4,945 4,927,579
Commercial Services 0.8%
Adtalem Global Education, Inc.,
Term Loan 		—(p) 04/13/25   2,080 2,064,400
Cimpress USA, Inc.,
Term Loan 		—(p) 04/30/28   1,000 990,000
Verscend Holding Corp.,
Term Loan 		—(p) 08/27/25   1,000 1,001,250
          4,055,650
Computers 1.1%
McAfee LLC,
Term B USD Loan, 1 Month LIBOR + 3.750% 		3.860(c) 09/30/24   5,377 5,372,330
Electric 0.9%
Heritage Power LLC,
Term Loan B, 3 Month LIBOR + 6.000%^ 		7.000(c) 07/30/26   2,671 2,470,910
PG&E Corp.,
Term Loan B, 3 Month LIBOR + 3.000% 		3.500(c) 06/23/25   1,990 1,981,269
          4,452,179
Entertainment 0.6%
Golden Entertainment, Inc.,
Term B Facility Loan (First Lien), 1 Month LIBOR + 3.000% 		3.750(c) 10/21/24   3,000 2,967,186
Healthcare-Services 0.3%
ATI Holdings Acquisition, Inc.,
Term Loan 		—(p) 05/10/23   1,400 1,398,250
1
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Insurance 0.8%
Asurion LLC,          
New B-9 Term Loan, 1 Month LIBOR + 3.250% 3.363 %(c) 07/31/27   1,025  $1,017,099
Term Loan, 1 Month LIBOR + 3.000% 3.113(c) 11/03/23   3,000 2,991,093
          4,008,192
Pharmaceuticals 0.6%
Change Healthcare Holdings LLC,
Closing Date Term Loan, 1 - 3 Month LIBOR + 2.500% 		3.500(c) 03/01/24   2,659 2,655,510
Software 4.9%
Boxer Parent Co., Inc.,
2021 Replacement Dollar Term Loan, 1 Month LIBOR + 3.750% 		3.863(c) 10/02/25   4,435 4,407,594
BY Crown Parent LLC,
Additional B-1 Term Loan, 1 Month LIBOR + 3.000% 		4.000(c) 02/02/26   1,496 1,494,361
Dun & Bradstreet Corp,
Term Loan B, 1 Month LIBOR + 3.250% 		3.361(c) 02/06/26   5,971 5,935,489
Finastra USA, Inc.,
First Lien Dollar Term Loan, 6 Month LIBOR + 3.500% 		4.500(c) 06/13/24   2,984 2,929,324
Greeneden U.S. Holdings II LLC,
B-4 Dollar Term Loan, 1 Month LIBOR + 4.000% 		4.750(c) 12/01/27   599 599,548
Informatica LLC,
Second Lien Initial Loan 		7.125 02/25/25   2,000 2,038,334
Rackspace Technology Global, Inc.,
Term B Loan, 3 Month LIBOR + 2.750% 		3.500(c) 02/15/28   1,675 1,661,600
TIBCO Software, Inc.,          
Second Lien Term Loan, 1 Month LIBOR + 7.250% 7.370(c) 03/03/28   2,000 2,021,876
Term Loan B-3, 1 Month LIBOR + 3.750% 3.870(c) 06/30/26   3,292 3,267,844
          24,355,970
Telecommunications 2.6%
Crown Subsea Communications Holding, Inc.,
Term Loan 		—(p) 05/31/27   568 566,580
West Corp.,
Initial Term B Loan, 1 - 3 Month LIBOR + 4.000% 		5.000(c) 10/10/24   6,423 6,265,000
2
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Bank Loans (Continued)
Telecommunications (cont’d.)
Windstream Services LLC,
Initial Term Loan, 1 Month LIBOR + 6.250% 		7.250 %(c) 09/21/27   1,995  $1,998,077
Xplornet Communications, Inc. (Canada),
Initial Term Loan, 1 Month LIBOR + 4.750% 		4.863(c) 06/10/27   3,980 3,979,329
          12,808,986
     
 
Total Bank Loans
(cost $70,449,432) 		70,602,519
Corporate Bonds 115.8%
Aerospace & Defense 0.4%
Spirit AeroSystems, Inc.,
Sec’d. Notes, 144A 		7.500 04/15/25   875 937,647
SSL Robotics LLC,
Sr. Sec’d. Notes, 144A 		9.750 12/31/23   1,146 1,277,598
          2,215,245
Airlines 1.4%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A(aa) 		5.500 04/20/26   4,700 4,935,164
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
Sr. Sec’d. Notes, 144A 		5.750 01/20/26   500 528,444
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		4.375 04/15/26   1,480 1,535,543
          6,999,151
Apparel 1.1%
Hanesbrands, Inc.,          
Gtd. Notes, 144A 4.625 05/15/24   1,525 1,607,985
Gtd. Notes, 144A 4.875 05/15/26   825 884,493
William Carter Co. (The),          
Gtd. Notes, 144A 5.500 05/15/25   620 655,936
Gtd. Notes, 144A 5.625 03/15/27   1,047 1,104,186
3
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Apparel (cont’d.)
     
 
Wolverine World Wide, Inc.,
Gtd. Notes, 144A 		6.375 % 05/15/25   1,000  $1,069,673
          5,322,273
Auto Manufacturers 3.1%
Allison Transmission, Inc.,
Sr. Unsec’d. Notes, 144A 		4.750 10/01/27   450 472,214
Ford Motor Co.,          
Sr. Unsec’d. Notes(aa) 8.500 04/21/23   3,575 4,004,084
Sr. Unsec’d. Notes(aa) 9.000 04/22/25   6,675 8,154,140
     
 
Navistar International Corp.,
Sr. Sec’d. Notes, 144A 		9.500 05/01/25   2,617 2,839,811
          15,470,249
Auto Parts & Equipment 1.0%
Adient Global Holdings Ltd.,
Gtd. Notes, 144A 		4.875 08/15/26   1,800 1,845,148
American Axle & Manufacturing, Inc.,
Gtd. Notes(mm) 		6.250 04/01/25   2,725 2,822,579
Titan International, Inc.,
Sr. Sec’d. Notes, 144A 		7.000 04/30/28   375 386,464
          5,054,191
Banks 0.2%
Popular, Inc. (Puerto Rico),
Sr. Unsec’d. Notes 		6.125 09/14/23   1,000 1,080,830
Building Materials 1.6%
JELD-WEN, Inc.,
Sr. Sec’d. Notes, 144A 		6.250 05/15/25   2,810 3,003,546
Masonite International Corp.,
Gtd. Notes, 144A 		5.750 09/15/26   1,125 1,168,594
Standard Industries, Inc.,          
Sr. Unsec’d. Notes, 144A 4.750 01/15/28   1,725 1,778,486
Sr. Unsec’d. Notes, 144A 5.000 02/15/27   1,750 1,804,708
          7,755,334
4
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals 4.6%
Chemours Co. (The),
Gtd. Notes(aa)(mm) 		7.000 % 05/15/25   7,000  $7,202,702
Kraton Polymers LLC/Kraton Polymers Capital Corp.,
Gtd. Notes, 144A(aa) 		4.250 12/15/25   4,000 4,060,111
Nouryon Holding BV (Netherlands),
Sr. Unsec’d. Notes, 144A 		8.000 10/01/26   2,939 3,122,488
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		5.250 08/01/23   1,954 1,974,553
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A 		7.250 04/01/25   1,375 1,418,759
TPC Group, Inc.,          
Sr. Sec’d. Notes, 144A 10.500 08/01/24   149 139,253
Sr. Sec’d. Notes, 144A 10.875 08/01/24   37 38,993
     
 
Tronox, Inc.,
Sr. Sec’d. Notes, 144A 		6.500 05/01/25   1,783 1,904,102
Venator Finance Sarl/Venator Materials LLC,
Sr. Sec’d. Notes, 144A 		9.500 07/01/25   1,500 1,689,298
W.R. Grace & Co.-Conn.,
Gtd. Notes, 144A(aa) 		4.875 06/15/27   870 906,908
          22,457,167
Commercial Services 5.6%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A 		5.500 03/01/28   400 401,260
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 07/15/26   2,250 2,382,741
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A 		5.625 04/15/26   425 432,509
AMN Healthcare, Inc.,
Gtd. Notes, 144A 		4.625 10/01/27   1,000 1,036,278
Brink’s Co. (The),
Gtd. Notes, 144A 		5.500 07/15/25   1,800 1,908,014
Celestial-Saturn Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A 		4.500 05/01/28   525 524,282
CoreCivic, Inc.,
Gtd. Notes 		8.250 04/15/26   225 226,125
Laureate Education, Inc.,
Gtd. Notes, 144A(aa) 		8.250 05/01/25   6,250 6,517,166
5
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Commercial Services (cont’d.)
Nielsen Co. Luxembourg Sarl (The),
Gtd. Notes, 144A(aa) 		5.000 % 02/01/25   5,380  $5,520,826
United Rentals North America, Inc.,
Gtd. Notes 		5.500 05/15/27   1,719 1,832,376
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A(aa) 		9.750 08/15/26   6,250 6,657,073
          27,438,650
Computers 2.3%
Ahead DB Holdings LLC,
Gtd. Notes, 144A 		6.625 05/01/28   150 152,657
Dell International LLC/EMC Corp.,
Gtd. Notes, 144A 		7.125 06/15/24   2,450 2,518,438
Tempo Acquisition LLC/Tempo Acquisition Finance
Corp., 		         
Sr. Sec’d. Notes, 144A 5.750 06/01/25   1,500 1,587,657
Sr. Unsec’d. Notes, 144A(aa) 6.750 06/01/25   6,755 6,878,706
          11,137,458
Distribution/Wholesale 0.9%
Avient Corp.,
Sr. Unsec’d. Notes, 144A 		5.750 05/15/25   2,719 2,873,076
Core & Main Holdings LP,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.625% or PIK 9.375% 		8.625 09/15/24   1,435 1,469,730
          4,342,806
Diversified Financial Services 3.7%
Alliance Data Systems Corp.,
Gtd. Notes, 144A 		4.750 12/15/24   1,200 1,232,411
Antares Holdings LP (Canada),
Sr. Unsec’d. Notes, 144A 		3.950 07/15/26   325 334,226
Fairstone Financial, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		7.875 07/15/24   860 901,144
goeasy Ltd. (Canada),          
Gtd. Notes, 144A 4.375 05/01/26   450 455,202
Gtd. Notes, 144A(aa) 5.375 12/01/24   4,241 4,410,004
6
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Diversified Financial Services (cont’d.)
     
 
Home Point Capital, Inc.,
Gtd. Notes, 144A 		5.000 % 02/01/26   1,100  $1,082,805
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A 		6.000 01/15/27   1,075 1,123,232
OneMain Finance Corp.,          
Gtd. Notes 6.125 03/15/24   500 540,113
Gtd. Notes 6.875 03/15/25   1,750 1,987,876
Gtd. Notes(aa) 7.125 03/15/26   4,425 5,168,821
Gtd. Notes 8.875 06/01/25   400 443,254
     
 
PHH Mortgage Corp.,
Sr. Sec’d. Notes, 144A 		7.875 03/15/26   350 355,852
          18,034,940
Electric 2.5%
Calpine Corp.,          
Sr. Sec’d. Notes, 144A 5.250 06/01/26   3,472 3,563,183
Sr. Unsec’d. Notes, 144A 4.625 02/01/29   325 320,596
Sr. Unsec’d. Notes, 144A 5.125 03/15/28   1,000 1,016,274
NRG Energy, Inc.,          
Gtd. Notes 6.625 01/15/27   679 707,311
Gtd. Notes 7.250 05/15/26   1,288 1,336,053
Vistra Operations Co. LLC,          
Gtd. Notes, 144A(aa) 5.000 07/31/27   3,750 3,884,523
Gtd. Notes, 144A 5.500 09/01/26   1,500 1,550,345
          12,378,285
Electrical Components & Equipment 0.6%
WESCO Distribution, Inc.,          
Gtd. Notes, 144A 7.125 06/15/25   1,450 1,569,653
Gtd. Notes, 144A 7.250 06/15/28   1,200 1,331,395
          2,901,048
Electronics 0.4%
Brightstar Escrow Corp.,
Sr. Sec’d. Notes, 144A 		9.750 10/15/25   1,825 1,988,252
7
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Energy-Alternate Sources 0.1%
Enviva Partners LP/Enviva Partners Finance Corp.,
Gtd. Notes, 144A 		6.500 % 01/15/26   700  $734,074
Engineering & Construction 0.1%
AECOM,
Gtd. Notes 		5.125 03/15/27   500 556,296
Entertainment 6.5%
Bally’s Corp.,
Gtd. Notes, 144A 		6.750 06/01/27   1,000 1,064,801
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A(aa) 		6.250 07/01/25   4,050 4,306,959
Caesars Resort Collection LLC/CRC Finco, Inc.,
Gtd. Notes, 144A 		5.250 10/15/25   2,195 2,214,009
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A 		6.375 05/01/26   1,350 1,410,346
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		7.625 04/15/26   1,000 1,069,501
International Game Technology PLC,          
Sr. Sec’d. Notes, 144A 6.250 01/15/27   500 561,211
Sr. Sec’d. Notes, 144A 6.500 02/15/25   2,800 3,099,030
     
 
Mohegan Gaming & Entertainment,
Sec’d. Notes, 144A 		8.000 02/01/26   350 355,290
Motion Bondco DAC (United Kingdom),
Gtd. Notes, 144A 		6.625 11/15/27   1,100 1,117,555
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc.,
Sr. Unsec’d. Notes, 144A 		8.500 11/15/27   1,100 1,169,390
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A(aa) 		5.625 01/15/27   3,880 4,032,394
Scientific Games International, Inc.,          
Gtd. Notes, 144A(aa) 8.250 03/15/26   4,000 4,321,828
Gtd. Notes, 144A 8.625 07/01/25   1,475 1,613,913
Sr. Sec’d. Notes, 144A 5.000 10/15/25   300 309,815
     
 
Six Flags Entertainment Corp.,
Gtd. Notes, 144A 		4.875 07/31/24   1,675 1,692,428
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Sr. Unsec’d. Notes, 144A 		7.750 04/15/25   3,440 3,713,519
          32,051,989
8
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Foods 2.6%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s
LP/Albertson’s LLC, 		         
Gtd. Notes, 144A 3.250 % 03/15/26   362  $361,217
Gtd. Notes, 144A(aa) 4.625 01/15/27   4,100 4,262,687
     
 
B&G Foods, Inc.,
Gtd. Notes 		5.250 04/01/25   1,775 1,827,078
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A 		7.500 04/15/25   1,775 1,847,414
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A(aa) 		5.875 09/30/27   4,100 4,363,399
          12,661,795
Gas 1.0%
AmeriGas Partners LP/AmeriGas Finance Corp.,          
Sr. Unsec’d. Notes 5.625 05/20/24   1,200 1,337,642
Sr. Unsec’d. Notes 5.750 05/20/27   1,675 1,872,265
Sr. Unsec’d. Notes 5.875 08/20/26   1,500 1,677,895
          4,887,802
Healthcare-Services 6.4%
HCA, Inc.,
Gtd. Notes(aa) 		5.875 02/15/26   4,214 4,839,787
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A 		6.750 04/15/25   3,225 3,439,713
MEDNAX, Inc.,
Gtd. Notes, 144A 		6.250 01/15/27   1,350 1,435,208
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A 		7.250 11/01/25   2,358 2,535,916
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A(aa) 		9.750 12/01/26   4,050 4,385,397
Surgery Center Holdings, Inc.,
Gtd. Notes, 144A(aa) 		10.000 04/15/27   3,450 3,780,846
Tenet Healthcare Corp.,          
Sec’d. Notes 5.125 05/01/25   1,245 1,260,575
Sr. Sec’d. Notes(aa) 4.625 07/15/24   7,783 7,902,361
9
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services (cont’d.)
Tenet Healthcare Corp., (cont’d.)          
Sr. Sec’d. Notes, 144A 4.875 % 01/01/26   500  $519,385
Sr. Unsec’d. Notes 6.750 06/15/23   1,200 1,310,167
          31,409,355
Home Builders 5.1%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A 		6.750 08/01/25   3,356 3,491,598
Beazer Homes USA, Inc.,
Gtd. Notes(aa) 		5.875 10/15/27   4,075 4,305,417
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada),
Gtd. Notes, 144A 		6.250 09/15/27   2,512 2,660,608
Century Communities, Inc.,          
Gtd. Notes 5.875 07/15/25   750 778,621
Gtd. Notes 6.750 06/01/27   1,000 1,077,827
     
 
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		7.000 12/15/25   2,310 2,470,043
Forestar Group, Inc.,
Gtd. Notes, 144A 		3.850 05/15/26   700 708,868
KB Home,
Gtd. Notes 		6.875 06/15/27   432 512,582
M/I Homes, Inc.,
Gtd. Notes 		4.950 02/01/28   450 473,405
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		5.250 12/15/27   1,375 1,448,005
Meritage Homes Corp.,
Gtd. Notes 		6.000 06/01/25   1,115 1,269,139
New Home Co., Inc. (The),
Gtd. Notes, 144A 		7.250 10/15/25   825 867,236
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A 5.875 06/15/27   1,971 2,236,675
Gtd. Notes, 144A 6.625 07/15/27   1,782 1,931,269
     
 
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.,
Gtd. Notes 		5.875 06/15/24   700 780,507
          25,011,800
10
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Internet 1.9%
Cogent Communications Group, Inc.,
Sr. Sec’d. Notes, 144A 		3.500 % 05/01/26   1,575  $1,575,000
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A 		5.250 12/01/27   2,100 2,202,284
NortonLifeLock, Inc.,
Sr. Unsec’d. Notes, 144A(aa) 		5.000 04/15/25   5,500 5,570,640
          9,347,924
Iron/Steel 0.3%
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 01/31/29   1,500 1,625,509
Leisure Time 0.3%
NCL Corp. Ltd.,
Sr. Unsec’d. Notes, 144A 		3.625 12/15/24   1,225 1,172,579
Viking Cruises Ltd.,
Gtd. Notes, 144A 		6.250 05/15/25   500 500,577
          1,673,156
Lodging 3.8%
Boyd Gaming Corp.,
Gtd. Notes 		6.375 04/01/26   1,175 1,213,291
Genting New York LLC/GENNY Capital, Inc.,
Sr. Unsec’d. Notes, 144A 		3.300 02/15/26   250 250,603
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A 		5.375 05/01/25   1,250 1,315,122
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.,
Gtd. Notes 		4.875 04/01/27   220 228,772
MGM Resorts International,          
Gtd. Notes(aa) 4.625 09/01/26   4,585 4,828,967
Gtd. Notes 5.500 04/15/27   900 982,725
Gtd. Notes(mm) 6.750 05/01/25   2,650 2,842,422
     
 
Station Casinos LLC,
Gtd. Notes, 144A 		5.000 10/01/25   2,000 2,029,035
11
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Lodging (cont’d.)
     
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A 		5.875 % 05/15/25   3,546  $3,466,080
Travel + Leisure Co.,
Sr. Sec’d. Notes 		6.600 10/01/25   1,300 1,474,292
          18,631,309
Machinery-Diversified 1.0%
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A(aa) 		10.125 08/01/24   4,650 4,849,563
Media 14.0%
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes, 144A 5.125 05/01/27   1,100 1,152,134
Sr. Unsec’d. Notes, 144A(aa) 5.500 05/01/26   6,000 6,191,726
Sr. Unsec’d. Notes, 144A(aa) 5.875 05/01/27   4,500 4,649,375
     
 
Clear Channel Worldwide Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		5.125 08/15/27   3,500 3,553,541
CSC Holdings LLC,          
Gtd. Notes, 144A(aa) 5.500 05/15/26   3,500 3,598,837
Gtd. Notes, 144A 5.500 04/15/27   3,000 3,148,034
DISH DBS Corp.,          
Gtd. Notes 5.000 03/15/23   500 522,919
Gtd. Notes 5.875 07/15/22   2,000 2,092,723
Gtd. Notes 5.875 11/15/24   2,850 3,084,865
     
 
EW Scripps Co. (The),
Gtd. Notes, 144A 		5.125 05/15/25   4,500 4,618,483
Gray Television, Inc.,
Gtd. Notes, 144A(aa) 		5.875 07/15/26   8,055 8,355,268
iHeartCommunications, Inc.,
Sr. Sec’d. Notes 		6.375 05/01/26   1,500 1,596,070
Nexstar Broadcasting, Inc.,
Gtd. Notes, 144A 		5.625 07/15/27   2,500 2,640,685
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A(aa) 		4.500 09/15/26   4,350 4,425,987
Sinclair Television Group, Inc.,
Gtd. Notes, 144A 		5.875 03/15/26   3,000 3,088,956
Sirius XM Radio, Inc.,          
Gtd. Notes, 144A 4.625 07/15/24   1,500 1,543,200
12
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
Sirius XM Radio, Inc., (cont’d.)          
Gtd. Notes, 144A(aa) 5.375 % 07/15/26   4,100  $4,233,937
Univision Communications, Inc.,          
Sr. Sec’d. Notes, 144A(aa) 5.125 02/15/25   5,685 5,779,207
Sr. Sec’d. Notes, 144A 9.500 05/01/25   500 556,061
     
 
Urban One, Inc.,
Sr. Sec’d. Notes, 144A 		7.375 02/01/28   365 376,680
Videotron Ltd. (Canada),
Gtd. Notes, 144A(aa) 		5.375 06/15/24   3,414 3,755,694
          68,964,382
Mining 5.1%
Constellium SE,
Gtd. Notes, 144A 		5.875 02/15/26   4,000 4,124,867
Eldorado Gold Corp. (Turkey),
Sec’d. Notes, 144A 		9.500 06/01/24   2,310 2,517,900
First Quantum Minerals Ltd. (Zambia),          
Gtd. Notes, 144A 6.875 03/01/26   500 526,000
Gtd. Notes, 144A 7.250 04/01/23   4,500 4,584,462
Gtd. Notes, 144A 7.500 04/01/25   1,800 1,869,650
     
 
Hudbay Minerals, Inc. (Peru),
Gtd. Notes, 144A 		4.500 04/01/26   2,550 2,586,195
New Gold, Inc. (Canada),          
Gtd. Notes, 144A 6.375 05/15/25   2,772 2,855,679
Sr. Unsec’d. Notes, 144A 7.500 07/15/27   600 651,554
     
 
Novelis Corp.,
Gtd. Notes, 144A 		5.875 09/30/26   5,385 5,618,027
          25,334,334
Miscellaneous Manufacturing 0.5%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		7.500 12/01/24   2,477 2,513,947
Office/Business Equipment 1.5%
CDW LLC/CDW Finance Corp.,
Gtd. Notes(aa) 		4.125 05/01/25   7,250 7,560,827
13
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas 4.3%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A 		8.250 % 02/15/26   850  $901,220
Chesapeake Energy Corp.,
Gtd. Notes, 144A 		5.500 02/01/26   425 448,723
Endeavor Energy Resources LP/EER Finance, Inc.,          
Sr. Unsec’d. Notes, 144A 5.500 01/30/26   2,150 2,226,030
Sr. Unsec’d. Notes, 144A 6.625 07/15/25   500 532,732
     
 
EQT Corp.,
Sr. Unsec’d. Notes 		3.900 10/01/27   1,375 1,432,982
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A 		5.750 10/01/25   2,625 2,668,189
MEG Energy Corp. (Canada),
Sec’d. Notes, 144A 		6.500 01/15/25   2,050 2,120,018
Occidental Petroleum Corp.,          
Sr. Unsec’d. Notes 2.700 02/15/23   1,000 1,005,829
Sr. Unsec’d. Notes 3.450 07/15/24   3,225 3,243,136
Sr. Unsec’d. Notes 5.550 03/15/26   525 563,778
Sr. Unsec’d. Notes 5.875 09/01/25   2,425 2,648,086
     
 
Ovintiv Exploration, Inc.,
Gtd. Notes 		5.375 01/01/26   500 560,154
Range Resources Corp.,          
Gtd. Notes 5.000 03/15/23   2,000 2,044,731
Gtd. Notes 9.250 02/01/26   700 768,277
          21,163,885
Packaging & Containers 0.8%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Unsec’d. Notes, 144A 		5.250 08/15/27   2,000 2,044,863
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A 		6.000 09/15/28   625 646,997
Sealed Air Corp.,
Gtd. Notes, 144A 		5.500 09/15/25   1,000 1,107,599
          3,799,459
14
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pharmaceuticals 3.6%
Bausch Health Americas, Inc.,          
Gtd. Notes, 144A 8.500 % 01/31/27   675  $751,529
Gtd. Notes, 144A 9.250 04/01/26   1,000 1,107,600
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A 6.125 04/15/25   3,809 3,893,541
Gtd. Notes, 144A(aa) 9.000 12/15/25   6,131 6,645,987
     
 
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A(aa) 		7.750 11/15/25   5,000 5,340,516
          17,739,173
Pipelines 1.9%
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A 		6.000 07/01/25   1,375 1,501,226
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp., 		         
Gtd. Notes, 144A 5.500 09/15/24   826 843,828
Gtd. Notes, 144A 6.000 03/01/27   1,384 1,404,751
Gtd. Notes, 144A 7.500 10/01/25   1,500 1,636,937
     
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes 		6.500 07/15/27   1,200 1,305,765
Western Midstream Operating LP,          
Sr. Unsec’d. Notes 3.950 06/01/25   500 521,862
Sr. Unsec’d. Notes 4.350 02/01/25   2,100 2,220,797
          9,435,166
Real Estate 0.6%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A 		7.875 11/15/25   1,325 1,401,188
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A 		5.750 12/01/25   100 103,176
Howard Hughes Corp. (The),
Gtd. Notes, 144A 		5.375 08/01/28   1,147 1,213,067
          2,717,431
15
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate Investment Trusts (REITs) 6.4%
Diversified Healthcare Trust,          
Gtd. Notes 9.750 % 06/15/25   1,268  $1,423,351
Sr. Unsec’d. Notes 6.750 12/15/21   2,481 2,495,392
ESH Hospitality, Inc.,          
Gtd. Notes, 144A 4.625 10/01/27   1,525 1,616,500
Gtd. Notes, 144A 5.250 05/01/25   3,600 3,672,629
     
 
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,
Gtd. Notes 		4.500 09/01/26   401 424,334
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes 		5.000 10/15/27   2,200 2,319,898
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A(mm) 		7.500 06/01/25   2,500 2,717,711
SBA Communications Corp.,
Sr. Unsec’d. Notes(aa) 		4.875 09/01/24   5,000 5,119,185
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A 		7.875 02/15/25   3,840 4,136,607
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A 		6.000 04/15/23   3,180 3,228,213
VICI Properties LP/VICI Note Co., Inc.,          
Gtd. Notes, 144A 3.750 02/15/27   1,574 1,586,018
Gtd. Notes, 144A 4.250 12/01/26   2,825 2,920,968
          31,660,806
Retail 3.5%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A 		4.250 05/15/24   1,349 1,367,007
Brinker International, Inc.,          
Gtd. Notes, 144A(mm) 5.000 10/01/24   825 863,973
Sr. Unsec’d. Notes 3.875 05/15/23   3,050 3,119,537
     
 
Caleres, Inc.,
Gtd. Notes 		6.250 08/15/23   479 480,596
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		8.500 10/30/25   4,910 5,177,433
Golden Nugget, Inc.,
Sr. Unsec’d. Notes, 144A 		6.750 10/15/24   1,450 1,468,433
16
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail (cont’d.)
     
Sally Holdings LLC/Sally Capital, Inc.,
Sec’d. Notes, 144A 		8.750 % 04/30/25   2,500  $2,764,802
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes 		5.500 06/01/24   2,000 2,023,277
          17,265,058
Semiconductors 1.3%
Microchip Technology, Inc.,
Gtd. Notes, 144A(aa) 		4.250 09/01/25   6,200 6,499,107
Software 2.5%
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A 		7.125 10/02/25   2,000 2,150,394
BY Crown Parent LLC/BY Bond Finance, Inc.,
Sr. Sec’d. Notes, 144A 		4.250 01/31/26   4,102 4,296,728
Dun & Bradstreet Corp. (The),
Gtd. Notes, 144A 		10.250 02/15/27   500 554,081
Open Text Corp. (Canada),
Gtd. Notes, 144A 		5.875 06/01/26   2,500 2,581,294
SS&C Technologies, Inc.,
Gtd. Notes, 144A 		5.500 09/30/27   2,500 2,653,215
          12,235,712
Telecommunications 10.0%
Altice France SA (France),
Sr. Sec’d. Notes, 144A 		7.375 05/01/26   7,235 7,515,198
CommScope, Inc.,          
Sr. Sec’d. Notes, 144A(aa) 5.500 03/01/24   4,850 5,000,103
Sr. Sec’d. Notes, 144A 6.000 03/01/26   1,765 1,860,161
Digicel International Finance Ltd./Digicel International
Holdings Ltd. (Jamaica), 		         
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% 13.000 12/31/25   1,500 1,516,448
Sr. Sec’d. Notes, 144A 8.750 05/25/24   1,000 1,044,101
Sr. Sec’d. Notes, 144A 8.750 05/25/24   3,560 3,712,973
     
 
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A 		6.750 03/01/23   1,000 943,705
17
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
     
Level 3 Financing, Inc.,
Gtd. Notes, 144A 		4.625 % 09/15/27   1,250  $1,288,489
Lumen Technologies, Inc.,          
Sr. Unsec’d. Notes, 144A(aa) 5.125 12/15/26   6,588 6,907,503
Sr. Unsec’d. Notes, Series T 5.800 03/15/22   2,700 2,789,191
Sprint Corp.,          
Gtd. Notes 7.625 02/15/25   2,030 2,415,980
Gtd. Notes(aa) 7.625 03/01/26   5,150 6,315,831
     
 
T-Mobile USA, Inc.,
Gtd. Notes 		6.000 04/15/24   2,000 2,014,534
Viasat, Inc.,          
Sr. Sec’d. Notes, 144A 5.625 04/15/27   1,500 1,575,389
Sr. Unsec’d. Notes, 144A 5.625 09/15/25   2,755 2,818,700
Zayo Group Holdings, Inc.,          
Sr. Sec’d. Notes, 144A 4.000 03/01/27   1,645 1,633,116
Sr. Unsec’d. Notes, 144A 6.125 03/01/28   200 206,432
          49,557,854
Toys/Games/Hobbies 0.1%
Mattel, Inc.,
Gtd. Notes, 144A 		3.375 04/01/26   250 258,848
Transportation 1.2%
XPO Logistics, Inc.,          
Gtd. Notes, 144A(aa) 6.250 05/01/25   3,553 3,805,496
Gtd. Notes, 144A 6.750 08/15/24   2,000 2,097,931
          5,903,427
Trucking & Leasing 0.0%
Fortress Transportation & Infrastructure Investors LLC,
Sr. Unsec’d. Notes, 144A 		5.500 05/01/28   225 233,786
     
 
Total Corporate Bonds
(cost $567,240,456) 		570,859,653
 
Total Long-Term Investments
(cost $637,689,888) 		641,462,172
    
18
PGIM Short Duration High Yield Opportunities Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2021
Description     Shares Value
Short-Term Investment 3.9%
Affiliated Mutual Fund           
PGIM Core Ultra Short Bond Fund
(cost $19,523,026)(wb) 		    19,523,026  $19,523,026
 
TOTAL INVESTMENTS 134.0%
(cost $657,212,914) 		660,985,198
Liabilities in excess of other assets (34.0)% (167,788,980)
 
Net Assets 100.0% $493,196,218
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
USD US Dollar
    
144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
LIBOR London Interbank Offered Rate
LP Limited Partnership
PIK Payment-in-Kind
REITs Real Estate Investment Trust
    
# Principal amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2,470,687 and 0.5% of net assets.
(aa) Represents security, or a portion thereof, with aggregate value of $201,818,699 segregated as collateral for amount of $159,000,000 borrowed and outstanding as of April 30, 2021.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2021.
(mm) Represents security, or a portion thereof, in connection with the rehypothecation of portfolio securities with an aggregate value of $3,105,863 as of April 30, 2021.
(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(wb) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.
Unfunded loan commitment outstanding at April 30, 2021:
Borrower   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
U.S. Concrete, Inc., Initial Delayed Draw Term Loan, 1 Month LIBOR + 1.375% , 1.375%(c), Maturity Date 05/01/25 (cost $987,742)^    997   $987,519   $—   $(223)
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
19